WHAT’S IN A
STUDENT LOAN?
A student loan can help to finance your tertiary studies. You can get a loan to help with
your fees, course-related costs and weekly living costs. But remember, only borrow
what you need.
This booklet tells you the things you need to know about getting a student loan and
paying one back.
Things to think about
3
Seven steps to apply
4
What’s in a student loan?
6
Other things you need to know about
getting a student loan
9
Passing at least half of
your previous study
11
Paying off your student loan
12
Definitions14
When you get a student loan you’ll be in contact with two government departments –
StudyLink and Inland Revenue.
StudyLink’s role is to tell you about the student loan and help you organise your loan application.
Inland Revenue takes responsibility for your loan once you start to draw it down and it’s
transferred to them. Your loan details will normally be transferred to Inland Revenue daily. You
can use their secure online services to view or update your information.
Inland Revenue assists you to comply with your obligations as a student loan borrower, until
the loan is paid back. For more information, go to www.ird.govt.nz/studentloans
Go to www.studentloans.studylink.govt.nz to find all the information you need and to
understand how StudyLink and Inland Revenue work together to administer student loans.
If you would like to know more about applying for a student loan, visit StudyLink’s website
www.studylink.govt.nz
If you would like to know more about repaying a student loan or interest charges, visit Inland
Revenue’s website www.ird.govt.nz/studentloans
THINGS TO THINK ABOUT
One of the challenges for people considering tertiary education for the first
time is having an understanding of all of the costs involved with study and the
financial help available to help with those costs.
The ‘Thinking about study’ section of StudyLink’s website includes case studies
and videos of students talking about their experiences to help you understand
what it will cost you to study. It also provides information on the different options
you may have for financing this investment into your future.
A student loan can help to finance your tertiary studies. But remember, it’s a
loan that you have to pay back.
When you have a student loan you need to start paying it back once you earn
over a certain amount – it could take years to pay off.
So, think carefully about how you use it:
>> Do you really understand what’s
involved in paying back a loan?
>> Is there a scholarship or grant you
may be able to get?
>> Have you thought about working
part-time while you study?
>> Are you entitled to a student allowance
that can help with your living expenses
and which you don’t have to pay back?
>> Is there extra help with costs (such
as help with health costs or childcare)
that you may be entitled to?
REMEMBER
What you borrow you’ll have to pay back, so only borrow what you need.
Tama borrowed $29,000 to complete his studies. He earns $35,000 a year and makes the
minimum repayments each week. It will take him a little over 15 years to pay off his loan.
Kim worked part-time while studying so she only borrowed $14,000. She also earns
$35,000 a year and pays the minimum amount each week which means she’ll pay off her
loan in less than 7 years.
You can do your own calculations at Inland Revenue’s website
www.ird.govt.nz/studentloans
DO THE NUMBERS
Visit the Tools and Calculators section of our website www.studylink.govt.nz to get an idea
of what it will cost you to live, how much you may need to borrow and what it will take to pay
back your loan.
www.studylink.govt.nz
GET IT ALL DONE ONLINE
WHAT’S IN A
STUDENT LOAN
3
SEVEN STEPS TO APPLY
EXAMS FINISH
COURSE STARTS
Step 1 – Apply at
www.studylink.govt.nz
for your financial
assistance
If you’re applying for the first time, you
will need to collect these things before
going online:
›› your bank account details
›› your IRD number
›› current email address
›› name of your education provider(s)
›› your course start and end dates
Step 2 – We will start processing
your application
We’ll check the information you give us and
get things underway. You don’t need to do
anything at this point unless you hear from us.
Step 3 – We will contact you
You’ll receive a letter. Make sure you read
it, sign and return it (if required) and send
us any documents we ask for.
If you’ve had a student loan before and
you’re 18 years or older, you can view and
accept your student loan contract online
using MyStudyLink.
Step 4 – Use MyStudyLink to track
your application
Use MyStudyLink to:
›› check to see if your documents have been
received
›› check your student allowance and
student loan status
›› view and accept your student loan contract
›› view and update your personal details
›› apply for your course-related costs
›› view details of your next payment and
previous transactions
›› view your mail.
Step 5 – We check your details
with your education
provider
We’ll contact your education provider(s)
to confirm your study details. You need to
make sure you are fully enrolled before
this happens.
Step 6 – We will finish processing
your application
We’ll send you a letter saying what you
qualify for and when your payments
will start.
Step 7 – Your payments can start
The earliest your payments can start is in the
second week of your course. This is because
we make payments in arrears.
REMEMBER: You need to allow enough time for all seven steps to be completed, so apply as soon as you
4
can
If you have applied for Jobseeker Support Student Hardship,
we’ll write to you soon to let you know what happens next.
us.
n
We may need to see proof of your:
›› birth certificate or passport
›› passport or citizenship papers (if you weren’t born in New Zealand)
›› marriage certificate or deed poll papers (if applicable)
›› income
›› partner’s income
›› parent(s) income if you’re under 24 years
›› accommodation and/or disability costs.
Please note: MyStudyLink only displays payments and information
relating to student loan, student allowance and scholarships.
ct
he
e
you
Sometimes this won’t happen until the week before your course starts.
This depends on the way each education provider works.
You can use MyStudyLink to check if your enrolment details have
been confirmed.
If you’ve signed up to view your mail at MyStudyLink we’ll notify
you (by text or email) when you can view your letter online.
Use MyStudyLink to check your bank account number and address
details prior to the start of your payments.
can. If you don’t apply on time or don’t give us all the information we need, we can’t pay you on time.
www.studylink.govt.nz
GET IT ALL DONE ONLINE
WHAT’S IN A
STUDENT LOAN
5
WHAT’S IN A STUDENT LOAN?
There are three parts you can borrow from a student loan: compulsory fees; living costs; and
course-related costs. You choose the parts you want to use depending on what you need and
what you qualify for.
You’ll need to apply for a new loan each time you start a new course. You’ll also need to sign a
new loan contract (StudyLink will send this to you) for every loan account. A loan account
usually runs for 52 weeks. A $60 establishment fee is added to your loan every time you open a
new loan account.
Once you start using your student loan, StudyLink will transfer your loan information to Inland
Revenue on a daily basis. You’ll be able to check your loan balance through Inland Revenue’s
online services – you need to register for an Inland Revenue online services account to do this.
You’ll also receive loan statements from Inland Revenue twice a year.
Interest is charged on the money you have borrowed and the establishment fee. The current
interest rate is set out in your loan Terms and Conditions but this may vary from time to time.
This may be written off by Inland Revenue, who will check if you qualify for an interest-free loan.
You’ll also be charged an administration fee of $40 by Inland Revenue in every tax year you have an
outstanding loan balance with them of $20 or more, unless you’ve been charged an establishment
fee with StudyLink in the same tax year.
Think carefully about how much you need and only borrow that amount.
COMPULSORY FEES
This pays the compulsory fees for your course. It doesn’t include special charges such as
penalty fees for late enrolment, administration charges for paying by instalments or optional
service fees such as student association fees.
You can borrow for fees as long as your course is approved by the Tertiary Education
Commission and full-time, or part-time and 32 weeks or longer. If you are studying part-time
for less than 32 weeks, you need be studying at least 0.25 EFTS1.
Your education provider will tell StudyLink what your fees are. Your fees are then paid directly
to them. The payment will be made two weeks before your course starts or seven days from
the day your first Loan Entitlement Advice (LEA) letter is sent to you – whichever is later.
You can pay some of your fees yourself. If you’ve already paid for all of your fees with your
own money, or if someone else has paid your fees on your behalf, you won’t be able to use this
part of the loan. If you’ve partially paid your fees, the amount you’ve paid will be deducted from
the amount you can borrow.
For example, if your fees are $1,500 and you paid a $100 deposit before you applied for the
student loan, your education provider can only ask for $1,400 for compulsory fees.
If you withdraw from your course you are still responsible for repaying your loan. If your
education provider refunds all or part of your fees, the refund will be paid directly to your loan
account.
1 See page 14 for definitions.
6
LIVING COSTS
This helps with your weekly living costs, especially if you don’t qualify for the full amount
of student allowance. Your course must be full-time1 or approved limited full-time1 status
to qualify for living costs.
Your education provider can tell you whether your course is full-time. In certain circumstances, you
may still be able to get a loan if you are unable to study full-time and are approved limited fulltime status by StudyLink. To find out more go to StudyLink’s website www.studylink.govt.nz
You can borrow up to $175.962 a week for living costs while you’re studying, or on a study break
of three weeks or less, like mid-semester breaks. If your break is more than three weeks and
you’re unable to find work, you may be able to get the Jobseeker Support Student Hardship. For
more details, visit StudyLink’s website www.studylink.govt.nz
If you choose to receive the maximum amount of living costs each week you may choose
to have this adjusted automatically through the Consumers Price Index3 (CPI).
You decide how much you want to borrow so if you don’t need the full amount, you can
ask for less. You’ll only get paid living costs from when you apply for them – they can’t be backpaid if you apply late or if, at any stage, you increase the amount you want to get.
Tama borrows $100 a week at the start of his course. A few weeks later, he decides to
increase his living costs to $120 a week. This means he will only start receiving $120 from
the week that he requested it. He won’t be back-paid the balance of $20 for the weeks where
he requested $100.
The earliest your living costs payments can start is the second week of your course because
you’re paid one week in arrears. This means your payment for each week isn’t made to you
until the following week.
The payments are direct credited to your bank account once a week. You can change the
amount of living costs you borrow or view your payments at any time using your MyStudyLink
account at www.studylink.govt.nz
WHAT HAPPENS IF YOU’RE GETTING A STUDENT ALLOWANCE?
In some situations you may be eligible for living costs and also be receiving a student
allowance. In these cases the amount of living costs you can receive will be reduced by the net
amount of any student allowance payments received.
For example, where a student allowance rate is $174.21 and the nominated living costs is
$175.96, the amount of living costs payable will be $1.75.
If your loan for living costs is approved before your student allowance, you’ll get the full
amount that you asked for. Once your student allowance is approved, any back-payments
you get will automatically be used to repay the difference in the living costs you’ve already
borrowed for the same period.
1 See page 14 and 15 for definitions.
2 These rates are reviewed on 1 April each year. Go to www.studylink.govt.nz for the most up-to-date rates
3 Go to www.studylink.govt.nz for definitions
www.studylink.govt.nz
GET IT ALL DONE ONLINE
WHAT’S IN A
STUDENT LOAN
7
COURSE-RELATED COSTS
This helps with costs related to your studies, for example:
>> text books
>> computer equipment
>> childcare
>> travel
>> student association fees.
You need to be studying full-time1 or limited full-time1 with StudyLink’s approval to be eligible
for course-related costs.
You can borrow up to $1,000 per loan account (usually a 52 week period) for course-related
costs. You don’t have to claim all your costs at once, just specify when you apply how much you
need. You can claim the balance at any time up until your course finishes.
Please note that if you pay back your course-related costs within a year, you are not entitled to
borrow the money again in that same year.
You can apply for your course-related costs online using your MyStudyLink account.
Using MyStudyLink you’re able to:
>> apply for course-related costs
>> view the status of your course-related costs applications including payment date.
Course-related costs are paid directly to your bank account – the earliest StudyLink can
do this is 14 days before your course starts.
You don’t have to apply for the full amount of course-related costs, living costs or course
fees – you decide which part to apply for and how much you need to borrow from each.
IF YOU’RE GETTING A
WORK AND INCOME BENEFIT
You can’t get a loan for living costs if you’ll be getting a Work and Income benefit while
studying. Remember to talk to Work and Income about your study plans as it could affect your benefit entitlement.
If you get the Training Incentive Allowance, the amount you can get for compulsory fees
and course-related costs goes down by the amount of Training Incentive Allowance you
get (not including any Training Incentive Allowance you get for childcare, transport and
disability-related costs).
1 See page 14 and 15 for definitions
8
OTHER THINGS YOU NEED TO KNOW
ABOUT GETTING A STUDENT LOAN
IF YOU’RE UNDER 18 YEARS OLD
If you’re under 18 years old, one of your parents1 (or a guardian) must sign your loan contract
to show they give their consent to you taking out all three parts of the loan.
It doesn’t mean they’re guaranteeing your loan. You’re still fully responsible for paying it back.
Once your parent has signed the contract they can’t withdraw their consent.
If you’re legally married or in a civil union, have a dependent child or eligible for an
Independent Circumstances Allowance2, you don’t need a parent to sign your contract.
IF YOU’RE A YOUTH GUARANTEE RECIPIENT
If you’re a Youth Guarantee recipient (or enrolled in a trades academies or tertiary high school
course funded as part of the Youth Guarantee programme) you will not be eligible for a student
loan, as your course is fully funded by the Government. You may be eligible for a student
allowance if you meet the eligibility criteria.
From 1 January 2014 the Youth Guarantee Programme will be available to some 18-19 year olds.
These students may be eligible for the living costs and course-related costs components of the
Student Loan if the meet the relevant criteria.
Go to www.studylink.govt.nz to find out more.
LEVEL 1 AND 2 STUDY
If you study a fees-free Level 1 or Level 2 qualification that starts on or after 1 January 2014,
and you are under 18 when you start this course, you will not be eligible for any part of the
student loan. You may be eligible for a student allowance if you meet the eligibility criteria.
From 1 January 2014 fees-free Level 1 and Level 2 qualifications will be available to some
students aged 18-24 years old. These students may be eligible for the living costs and
course-related costs components of the student loan if they meet the relevant criteria.
Go to www.studylink.govt.nz to find out more.
1 Go to www.studylink.govt.nz for definitions.
2 The Independent Circumstances Allowance is a student allowance for 16-23 year olds with exceptional
circumstances. For more details visit StudyLink’s website www.studylink.govt.nz
www.studylink.govt.nz
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WHAT’S IN A
STUDENT LOAN
9
YOU’RE AGED 55 OR OLDER
If you were aged 55 or older at 1 January 2013 you are not entitled to living costs or course-related
costs. You can continue to receive a fees only loan.
There is a transitional period for this. Students who were over 55 as of the date of
announcement of the policy change (19 May 2011), or who turned 55 before 1 January 2013,
can continue to be entitled to living costs and course-related costs for the qualification they
were enrolled in on the date of the announcement, until they complete that qualification or
until 1 January 2015, whichever occurs first.
To be eligible for all components of the student loan for study starting after 1 January 2013 we
may need to see evidence of the programme you were enrolled in at 19 May 2011. This can be
any information given to you from your education provider that confirms the programme you
were studying and date you were enrolled. This could include an invoice, letter confirming
enrolment etc.
HOW LONG YOU CAN GET A STUDENT LOAN FOR
There is a life-time limit of 7 EFTS1 for student loans.
The life-time limit includes all study that you have had a student loan for, from 1 January 2010.
Full-time students generally have study loads of between 0.8 EFTS1 and 1.2 EFTS for a year.
For a full-time student, 7 EFTS is equal to about 7 or 8 years of study. Part-time students use
less EFTS each year.
Once you have used any part of the student loan, such as living costs, fees, or course-related
costs, the EFTS for that loan will count towards the 7 EFTS limit.
You can use more than 7 EFTS in some situations, including:
>> finishing a paper or course even if it takes you over the 7 EFTS limit
>> up to an additional 1 EFTS to complete post graduate study2
>> up to an additional 3 EFTS if you undertake doctoral study.
Generally, you will not be able to receive more than 10 EFTS of student loan entitlement
when these extensions are included.
If you withdraw from a programme within 30 days of the date it started, and receive a refund of all
your tuition fees before the end of that programme, it will not be included in your lifetime limit.
2 EFTS CAP
There is a limit on borrowing of 2 EFTS per loan account. This means for any course that takes you
over 2 EFTS, you won’t qualify for a loan.
For more information go to www.studylink.govt.nz
IF YOU ARE UNDERTAKING PILOT TRAINING
There is a limit on borrowing for compulsory fees for pilot training. The maximum that may be
borrowed is $35,000 per 1 EFTS.
The amount that you can borrow is proportional to the EFTS of your programme. For example, if you
are enrolled in 0.5 EFTS the maximum you will be able to borrow for fees is $17,500.
1 See page 14 for definitions.
2 Postgraduate study includes Masters and Bachelor Honours study
10
TRANSITIONAL PROVISION FOR PILOT TRAINING
Existing pilot training students who have been enrolled (but not necessarily accessed the Student
Loan Scheme) on a pilot training course at any time between 1 January 2009 and 31 December
2012, will continue to be able to borrow all of their fees to complete that qualification, or until 31
December 2015, whichever occurs first.
OVERDUE REPAYMENT OBLIGATION
Students who have an overdue repayment obligation of $500 or more and at least some portion
of that amount has been overdue for a year or more, wont be able to get a student loan.
ALTERNATIVE CONTACT PERSON
To apply for a student loan you need to provide us with the details of an alternative contact
person. Their details will be provided to Inland Revenue once your loan is approved. If you have
an overdue student loan repayment and haven’t been in touch with Inland Revenue, they may
contact your alternative contact person. Your contact person does not have to repay any of your
student loan, but must let Inland Revenue know how you can be contacted. Once we have
provided these details to Inland Revenue you will need to notify them if this person and / or
their details change.
PASSING AT LEAST HALF THE EFTS OF YOUR PREVIOUS STUDY
Students need to have passed at least half the total EFTS1 of their course load in order to
continue receiving a student loan.
HOW THIS IS CALCULATED
The assessment of performance includes courses of study ending in 2009 or later.
The EFTS count starts once you have used one or more parts of the student loan
(eg living costs, course fees, or course-related costs).
Once you have completed 1.6 EFTS of study (this is about two years of full-time study), you will
need to have passed at least half the total EFTS of your previous study in order to continue
receiving a student loan. This performance is assessed using a rolling five year assessment
period1 and includes any study you use a student loan for and any you pay for in another way.
If you lose access to the student loan you can regain it by passing at least half of your total
EFTS without using a student loan or by providing evidence that there are sufficient reasons
beyond your control for not passing at least half. You can also regain eligibility as part of the
rolling five year assessment period.
If you withdraw from a programme within 30 days of the date it started, and receive a refund of
all your tuition fees before the end of that programme, it will not be included in your
performance assessment.
For more information on passing at least half the EFTS of your previous study go to
www.studylink.govt.nz
1 See page 14 for definitions.
www.studylink.govt.nz
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WHAT’S IN A
STUDENT LOAN
11
PAYING OFF YOUR STUDENT LOAN
How and when you repay your student loan depends on the type(s) and amount of your income.
The information below sets out generally when you’ll need to make repayments.
For more information go to www.ird.govt.nz/studentloans
IF YOU EARN SALARY OR WAGES OR GET A STUDENT ALLOWANCE
You need to select a tax code on your Tax code declaration (IR 330) that includes the “SL”
repayment code. Give this to your employer who will make student loan repayment
deductions, based on the pay period repayment threshold, from your income on your behalf.
If you have a secondary job, select a secondary tax code that includes the “SL” repayment
code. If your main source of income is under the pay period repayment threshold, you may
qualify for a student loan special deduction rate.
If you’re studying full-time and working you may qualify for a student loan repayment
deduction exemption.
For more information on the student loan special deduction rate and student loan repayment
deduction exemption, go to www.ird.govt.nz/studentloans
If you’re on the wrong tax code, Inland Revenue can ask your employer to change the code to
the right one.
IF YOU HAVE INCOME OTHER THAN SALARY OR WAGES
Repayments won’t automatically be deducted from this income. Your repayment calculation
depends on the sources of your non-salary/wage income.
ADJUSTED NET INCOME REQUIRING A TAX RETURN
If you have non-salary or wage income, e.g. self-employed, rental, business, you’ll need to file
an Individual income tax return (IR 3) at the end of the year and Inland Revenue will work out
how much you need to repay towards your student loan.
ADJUSTED NET INCOME REQUIRING A PERSONAL TAX SUMMARY
If you don’t have to file an IR 3 but have income from interest, dividends, casual agricultural
work, election day worker or Maori authority distributions, you may need to request a personal
tax summary (PTS) if you haven’t received one. Inland Revenue will then work out how much
you need to repay towards your student loan.
For more information and to find out if you need to request a PTS, go to
www.ird.govt.nz/studentloans
For more information on adjusted net income go to www.ird.govt.nz/studentloans
WHEN REPAYMENTS ARE DUE
Any end-of-year student loan repayments will normally be due 7 February the following year.
INTERIM PAYMENTS
You may also have to make interim payments for the following year.
IF YOU DON’T MAKE REPAYMENTS
If you don’t make repayments when your income is over the threshold, you’ll end up with a bill at
the end of the tax year. You may incur penalties on this and late payment interest may be charged.
12
For more information on repaying your loan and interim payments go to
www.ird.govt.nz/studentloans
MAKING EXTRA REPAYMENTS
If you are able to make extra repayments towards your loan, you’ll pay it off faster.
For more information on repaying your loan go to www.ird.govt.nz/studentloans or see Inland
Revenue’s guide Student loans – making repayments (IR 224).
GOING OVERSEAS
You’ll need to contact Inland Revenue before you leave New Zealand. Generally, you’re not
eligible for an interest-free student loan if you’re away for six months (184 days) or more. But
you may qualify for a repayment holiday of up to one year. You’ll need to provide a willing
alternative contact person based in New Zealand. If you’re not on a repayment holiday you’ll
have an overseas-based obligation of up to $3000 per year.
Note: Even if you’re on a repayment holiday you’ll still be charged loan interest.
For more information about going overseas and how it affects your student loan go to
www.ird.govt.nz/studentloans or see Inland Revenue’s factsheet Student loans – going
overseas (IR 223).
NOTIFY ME
This is Inland Revenue’s email newsletter that provides useful information to help you manage
your loan. To subscribe go to www.ird.govt.nz/aboutir/newsletters/sl-info/
www.studylink.govt.nz
GET IT ALL DONE ONLINE
WHAT’S IN A
STUDENT LOAN
13
DEFINITIONS
EFTS
EFTS stands for Equivalent Full-time Student. EFTS is a measure of the amount of study
or the workload involved in undertaking a course.
The Tertiary Education Commission assesses the content of each course and then allocates
the appropriate EFTS value.
A year of full-time study can vary between 0.8 EFTS to 1.2 EFTS. Part-time or part-year
students use smaller amounts of EFTS for their study.
If you’re unsure of the EFTS value of your course, check with your education provider.
Visit our website www.studylink.govt.nz to use the student loan performance calculator and for links
to a number of education provider websites that explain how they calculate EFTS for their courses.
FIVE YEAR ROLLING PERFORMANCE ASSESSMENT
This is an assessment where the student’s performance over the five years of study prior
to their current application is considered. This means that a student who applies for study
in 2014 will have the results of their study from 2009 to 2013 checked. When they enrol again for
study in 2015 the results from their 2009 study will be excluded and only the five years from 2010
to 2014 will be checked. The performance assessment only starts once a student has studied
more than 1.6 EFTS in total since receiving a student loan for study ending in 2009 or later.
FOR EXAMPLE:
STUDY
YEAR
STUDENT EFTS
LOAN
STUDIED
RECEIVED
YEARS ASSESSED
TOTAL
EFTS TO
CHECK
2009
Yes
1.0
None - assessment only starts once 1.6 EFTS
have been studied
0.0
2010
Yes
1.0
None - assessment only starts once 1.6 EFTS
have been studied
0.0
2011
Yes
0.8
2009 - 2010
2.0
2012
Yes
0.8
2009 - 2011
2.8
2013
Yes
1.0
2009 - 2012
3.6
2014
Yes
0.8
2009 - 2013
4.6
2015
Yes
0.8
2010 - 2014
4.4
FULL-TIME
The Tertiary Education Commission assigns an EFTS value to each course to determine
if it meets the full-time status criteria for student loans.
14
FOR EXAMPLE:
LENGTH OF INDIVIDUAL COURSE
MINIMUM EFTS VALUE REQUIRED
TO BE FULL-TIME
12 weeks
0.3
20 weeks
0.5
32–52 weeks
0.8
LIMITED FULL-TIME
Limited full-time status is a provision for students who are applying for financial help from
StudyLink but are unable to undertake a full-time course due to one of the following reasons:
>> you’re completing a recognised programme and to do this you need to study less than fulltime but more than half of a full-time course in this enrolment
>> your education provider supports your application to study less than full-time
for one of the following reasons:
–– you have an illness that stops you studying full-time, or
–– you can’t study full-time where there is sufficient cause outside your control
(this could include a disability which stops you studying full-time), or
–– it’s in your academic best interests1 to study less than full-time.
To apply for limited full-time status you need to complete a Limited Full-time application.
You can download this from StudyLink’s website www.studylink.govt.nz
LOAN COMPONENTS
The study status of your course determines what components of the student loan you can access.
FOR EXAMPLE:
STUDY STATUS
FEES
COURSERELATED
COSTS
LIVING
COSTS
Full-time, full year (ie studying both 1st and 2nd semester)
Yes
Yes
Yes
Full-time, part year (ie studying either 1st or 2nd semester
Yes
Yes
Yes
Part-time, full year
Yes
No
No
Part-time, part year (Minimum EFTS value required is 0.25)
Yes
No
No
Note: if the length of your course does not meet the required EFTS value to be full-time, StudyLink
will check to see if there is any part or segment of your course which may still qualify as full-time.
For example: If your course is 32 weeks long (full-year), you need to be studying 0.8 EFTS to be
full time. If you are studying 0.4 EFTS in the first semester and 0.3 in the second semester,
StudyLink will determine you are full-time for the first semester, but not for the full year.
1. Academic best interests means that the student would be likely to fail, for academic reasons, if he or she undertook a
full-time course but would be likely to pass more than half of the course if he or she studied part-time.
www.studylink.govt.nz
GET IT ALL DONE ONLINE
WHAT’S IN A
STUDENT LOAN
15
MYSTUDYLINK
GET IT ALL DONE ONLINE
>> check out what financial assistance you may be able to get
>> apply for your student finances
>> check to see if your documents have been received
>> check your student allowance and student loan application status
>> view your mail
>> view and update your personal details
>> change the amount of your living cost
payments and apply for your course-related costs
>> view details of your next payment and previous transactions.
studylink.govt.nz
INLAND REVENUE ONLINE
>> check all your loan details
>> see interest charged and written off
>> send secure mail to Inland Revenue.
Go to www.ird.govt.nz and register under “myIR Secure online services”. You’ll need
your IRD number to register and can activate your account by calling 0800 227 770.
Inland Revenue also has a student loan email newsletter called Notify Me that provides
useful information to help you manage your loan. To subscribe go to
www.ird.govt.nz/studentloans – all you need is your email address.
HOW TO CONTACT US
STUDYLINK
Website: www.studylink.govt.nz
Phone: 0800 88 99 00
Fax: 0800 88 33 88
INLAND REVENUE
Website: www.ird.govt.nz/studentloans
Phone: 0800 377 778
0800 self-service: 0800 257 777
To find all the information you need and to understand how StudyLink and Inland Revenue
work together to administer student loans, go to www.studentloans.studylink.govt.nz
SL LOAN B (APRIL 2014)